Germany's decision that the G20 will continue its green finance issue in 2017

Time：2017-09-18 From： Author：

Note: The original text was issued on October 8 micro-channel public number "green finance".

On October 7, with the support of the G20 Green Finance Research Group, the United Nations Environment Program (UNEP), the Paulson Institute and the International Institute of Finance (IIF) jointly organized a conference entitled "Green Finance: From start to revolution "International Symposium. At the meeting, the representative of the German Ministry of Finance announced that Germany will continue to discuss the green finance issue initiated by China during the presidency of the G20 in 2017. The People's Bank of China and the Bank of England will continue to jointly co-host the G20 Green Finance Study Group.

Ma Jun, Chief Economist of the People's Bank of China, Yi Ganghe Research Bureau, Erik Solheim, Director of the United Nations Environment Program, Tim Adams, former Deputy Treasury Secretary of the United States, Patrick Njoroge, Governor of Kenya's Central Bank, Chief Economist of the German Ministry of Finance and the G20 Head Ludger Schuknecht, along with more than 100 representatives from the Bank of England, the Nigerian Ministry of Environment, several financial institutions, rating agencies and research institutes attended the meeting.

Yi Gang, deputy governor of the central bank

In his speech, Vice President Yi Gang said that China has made important progress in the field of green finance. For example, China's green credit already accounts for nearly 10% of the total domestic loans. China has become the largest green bond market in the world and many green development funds already set up by many local governments in China. However, there is still a long way to go to build a complete green financial system. Therefore, on August 31, 2016, PBC and Ministry of Finance and other seven ministries jointly issued Guiding Opinions on Establishing a Green Financial System and put forward 35 specific measures to promote the development of China's green finance.

Yi Gang said that the G20 Green Finance Research Group, co-chaired by the People's Bank of China and the Bank of England, has done a great deal of fruitful work and completed the first "G20 Green Finance Synthesis Report" to promote the formation of a global consensus on developing green finance. The seven recommendations made by the Green Finance Research Group were welcomed by the G20 leaders at the Hangzhou Summit. It is hoped that the research team will continue to push for more concrete measures in the future and play a greater role in mobilizing global private capital for green investment.

Ma Jun, chief economist at the central bank

Jun Ma, chief economist of the Research Bureau of the People's Bank of China and co-chair of the G20 green finance research group, discussed several roles that the government may play in promoting green finance.

The provision of strategic policy signals such as the roadmap for implementing the Paris Climate Agreement and guidance (principles) for developing green finance will help reduce investor concerns about policy uncertainty.

Defining the definition of green finance requires companies to enhance the disclosure of environmental information to reduce the "search cost" of green investment. China is one of the few countries in the world that defines the definition of green bonds and green credit and has a roadmap for information disclosure.

Formulate Incentives and Measures to Promote Green Finance Development. For example, in its Guiding Opinions on Building a Green Financial System, China proposed the use of reloans, interest subsidies and guarantees to provide incentives for green projects.

Supporting capacity-building For example, the Chinese government is promoting the development of environmental efficiency assessment methods and environmental risk analysis tools, all of which are public goods in nature. Internationally, the G20 Green Finance Research Group is promoting the expansion of the coverage of the SBN and the PRI to provide green finance training to financial institutions and institutional investors in more countries and regions.

Ludger Schuknecht, chief economist at the German Ministry of Finance

Ludger Schuknecht, chief economist of the German Ministry of Finance and head of the G20, spoke highly of the achievements of the G20 green finance research group in promoting green finance consensus this year. Schuknecht announced that Germany will continue its discussions on green finance during the upcoming G20 presidency in 2017 given the active support of all parties on the issue. The People's Bank of China and the Bank of England will continue to co-chair the research team.